The summit, held at Edgbaston Cricket Ground, Birmingham, on Tuesday (October 21) saw £800 million of investment for the West Midlands announced, which will create hundreds of jobs and boost skills across the region.
More than 350 business leaders, investors and politicians were at the event which saw £635 million of private investment for the West Midlands announced with a big boost to sectors including artificial intelligence (AI), pharma, dairy and real estate.
Co-hosted by Chancellor Rachel Reeves, the Mayor of the West Midlands Richard Parker and Business and Trade Secretary Peter Kyle, the summit also heard about a £125m skills and housing package from the West Midlands Combined Authority to train 12,000 construction workers and deliver 1,000 social homes plus investment in a new Birmingham Sports Quarter to deliver 14,000 new jobs and a £700 million boost to the region’s economy.
Other investments highlighted included the announcement by Hines and Woodbourne Group of a £400 million investment to support the £4 billion Birmingham Knowledge Quarter and plans by Blackstone to invest £200m to ensure the NEC remains the UK’s leading live events business with world class venues across exhibitions, conventions and arenas.
Building on the UK-India free trade agreement, the Indian parent company of Freshways dairy also unveiled plans to invest £25 million in building a new processing facility in West Bromwich, creating more than 200 new jobs and allowing it to process 25 per cent more milk.
It was also announced that Sterling Pharmaceuticals will receive a share of £30m of Life Sciences funding, to help build a 60,000 sq ft centre in Birmingham, creating 48 jobs and boosting UK production of medicines for the NHS and sales overseas.
Meanwhile, Atos announced £10m for AI centres – cementing the Midlands as a key hub – with 50 jobs set to be created.
An ambitious call to transform Digbeth in Birmingham into the UK’s creative industries hub for TV and film-making was also issued to investors, developers and programme-makers.
And Chancellor Rachel Reeves talked of “big opportunities” for development in Wolverhampton, particularly new homes in the vicinity of the city’s train station.
Sarah Moorhouse, CEO of the Black Country Chamber of Commerce, said of the news and measures announced at the summit: “It was reassuring to hear the Chancellor talk about the importance of driving regional prosperity and playing to local strengths, something we have championed for a long time in the Black Country.
“The Regional Investment Summit provided the platform to showcase the Mayor’s new prospectus, and it was brilliant to see over £2bn of new development opportunities for Dudley, Sandwell, Walsall and Wolverhampton featured in there prominently.
“Vital plans to upgrade transport networks, build much-needed homes, regenerate major centres and, importantly, build on our existing capabilities in advanced manufacturing and low carbon technologies – through the Green Innovation Corridor, M6 Junction 10 Employment area and Central Edge – make it really clear that the Black Country is open for business.
“The Black Country Chamber of Commerce will continue to work with local, regional and national partners to ensure we help deliver out these critical projects, creating as much local economic value and as many local jobs as possible.”
KPMG UK was among the big businesses represented at the summit – the first domestic UK investment gathering of its kind – and the firm’s Birmingham office senior partner Andy Bostock said the event had underscored how “unlocking growth requires both ambition and action”.
Welcoming the Chancellor’s plan to save £6 billion a year for UK business by cutting red tape – he said: “Growth isn’t just about capital, it’s about giving firms the confidence to invest and scale.”
He said it was vital that the regions “must remain a part of the conversation on growth” and added: “When government and businesses pull in the same direction, the benefits to jobs, innovation and prosperity reach every region.”
Gareth Jones, head of growth (mid-market and private client) at audit tax, advisory and consulting firm Forvis Mazars, said after the event: “The government’s commitment to invest almost £800m in the West Midlands shows confidence in the region’s economic potential and is a huge boost for local businesses.
“Sustained regional investment is critical to unlocking growth across the UK, helping businesses, particularly SMEs, to thrive and scale through stronger infrastructure, greater access to talent, and improved connectivity.
“This will help to ensure that growth and innovation is not just concentrated in certain pockets of the UK, but spread more evenly across the country.
“It will also create more opportunities for individuals in the region by providing access to better jobs, skills training, and career progression, helping them build meaningful careers within their local communities.
“It’s encouraging that the government is prioritising regional spending, recognising the role that regional businesses do and can play in driving national prosperity, and we hope to see similar commitments across other parts of the UK.”